Consumers 'plan on splashing out on second-hand cars'
Published On 9 November 2007
Over five million people from the UK plan to buy a second-hand car in the six months to the end of February, with many using car finance deals, a new report has indicated.Sainsbury's Car Loans found that 5.35 million people plan to purchase a second-hand motor before February. On average, consumers expect to spend £4,648 each, suggesting that many will need a loan or car finance deal.
In total, consumers will fork out £24.87 billion on used cars in the period, up 12 per cent on the £22.23 billion intended spend for the previous six-month period of March to August 2007.
"Our findings reveal that people are looking to spend more on their second-hand car purchases compared with six months ago," Steven Baillie, head of Sainsbury's Loans, commented.
"Sellers need to make sure they not only research the market value of their vehicle to ensure they get a good price, but that they have shopped around for the best finance package when they come to buy a new one.
A recent study by moneysupermarket.com found that people from the UK waste billions of pounds because they do not bother to look around for the best car finance deals.
